FinCEN, with a rule proposal on Aug. 25, is also looking to extend beneficial ownership and customer identification programs (CIP) requirements to additional banks.

Since 1987, all federally insured depository institutions and credit unions have been required by their Federal regulators to have anti-money laundering programs in place and monitor their effectiveness. Until the passage of the Patriot Act in 2001, however, the requirement to implement these programs did not arise under a specific provision of the Bank Secrecy Act itself. The legislation authorized FinCEN to prescribe minimum standards for AML... To get the full story, subscribe now.